3-yr tax exemption for foreign mining firms

Nigeria has put in place “numerous incentives” to attract foreign investors to the country’s mining industry, Mines Minister, Musa Sada, has said.

“Government will offer a three-year tax holiday to new companies, reduce the capital gains tax from 20 percent to 10 percent, and companies profit tax from 35 percent to 30 percent,” Sada told reporters in the capital, Abuja, yesterday.

Sada added that government will also provide “mining-specific” support mechanisms and facilities to help enhance the development of mines and ensure movement of raw materials and products from the inward mining locations.